Wednesday 24 / April / 2024
Muscat: Al Mouj Muscat has delivered on its promise to contribute toward economic prosperity in Oman and the unique partnership of Majid Al Futtaim, Omran and Tanmia has created a destination where investment and growth are driving diverse and lasting value for the Sultanate.
Since 2006 when it was established as the country’s first Integrated Tourism Complex (ITC), Al Mouj Muscat has achieved outstanding asset growth of 777 per cent. Its total investment currently stands at $3.5 billion, and the thriving community is actively contributing to the aims of Oman Vision 2040. As a joint venture, the impressive partnership behind Al Mouj Muscat has ensured that growth across retail, real estate and leisure aligns with Oman’s long-term strategic vision.
Alongside exceptional year-on-year growth, Al Mouj has secured $884 million in foreign direct investment (FDI) and has contributed OMR11 million in tax revenues. It has also committed OMR4.34 million in corporate social responsibility expenditure, helping to boost local skills and employment prospects across multiple sectors including tourism, retail and construction.
In 2020 alone, Al Mouj Muscat achieved OMR76 million pre-tax profitability and contributed OMR46 million to the Sultanate’s GDP. Commenting on these figures Al Mouj Muscat’s Chief Financial Officer (CFO) Ahmed Abdullah Al Massan said, “We have achieved exceptional growth through a strategy that has yielded consistent and positive returns, and we have attracted significant foreign direct investment from around the globe.
“Oman is an investor-friendly country, and our focus remains on ensuring that Al Mouj Muscat is a superb location for investment, generating both growth and opportunities for people and enterprise.”
Al Mouj Muscat has established itself as the premier location for global, regional and local buyers as well as investors. It is committed to generating value for its communities and its stakeholders and offers a wide range of services, initiatives and platforms that unlock opportunities for businesses large and small.
Nasser Al Sheibani, CEO of Al Mouj Muscat, adds, “The facts and figures included in the Impact Al Mouj campaign demonstrate the success of our partnership model, and the extent of the value creation achieved to date. We will continue to promote the growth of retail, real estate and infrastructure sectors through the sale of residences, our construction activities, and hospitality, leisure, entertainment and retail assets. Plus, we continue to innovate across products and services, all of which will add to the significant impact we deliver for people, for our community and Oman.”
Al Mouj Muscat’s significant socio-economic benefits include growth in tourism, job creation, development and the SME sector. As an ITC, it has created the foundation for sustainable and lasting value for the Sultanate with details of its achievements included on the website impact.almouj.com.
